This is the one thing rich families are worried about
It's not letting their wealth "mess up" their children, according to Lyon Polk, the founder of The Polk Wealth Management Group ( PWM).
Polk sat down with OneWire's Skiddy von Stade in an interview, where he talked about his upbringing, how he broke into finance and his group's motto, which is "all things to some people."
Here is Polk (emphasis ours):
"Some people are just focused on investments, we find that is one of [their concerns]. What most people care about is having their family life run well, not having wealth mess up the kid. Obviously when you and I were growing up, you really couldn't tell other than by what kind of car someone drives in or what kind of house they lived in, how much wealth somebody has... Now their kids can Google what their money looks like. Pre 2007, it's about how to make the most amount of money, then it's like how to preserve my capital. Now the number one thing we hear from clients today is how to not let my money mess up our kids. So we have a team that specializes in all these areas, and we have one member on my team that focuses on family dynamics."
The PWM has a team of 18 that advises clients on more than $10 billion of assets as of April, serving ultra-high net worth families, their foundations, and businesses. Polk, whose family has deep roots in politics for generations (11th US President James Polk on his father's side and 15th US President James Buchanan on his mother's side), broke into finance because of his interest in stocks.
He went from a gig at a brokerage firm in the mid-80s to starting The Polk Wealth Management Group, a unit within Morgan Stanley's Private Wealth Management division.
You can watch the entire interview here: